The Saudi Central Bank (SAMA) has issued new guidelines to all banks operating in the Kingdom, requiring them to allow the opening of bank accounts for individuals and legal entities covered by the provisions of the Non-Saudi Real Estate Ownership System, with the aim of enabling them to own real estate or acquire other property rights within the Kingdom, in accordance with specific regulations and procedures.
The Central Bank clarified that opening accounts for individuals requires fulfilling a number of basic requirements, foremost among which is submitting a copy of the digital ID issued in accordance with the regulations approved in the Kingdom, along with a copy of the passport—if available—the residential address in the country of residence, contact information, and a Saudi phone number registered in the customer’s name and linked to their digital ID.
The bank also requires the submission of the customer’s bank account details in their country of residence, accompanied by a certified account statement from their bank, as well as a copy of the contract or agreement signed with a licensed real estate broker or developer within the Kingdom, if available.
The Central Bank emphasized the need to verify the customer’s identity through reliable and independent sources within the Kingdom, including the use of biometric verification technologies, while stressing that joint accounts may not be opened and that authorized representatives from outside the Kingdom may not be added to these accounts. It stressed that the use of the account must be limited exclusively to the purposes of real estate ownership or the acquisition of related property rights, while prohibiting the opening of more than one remote account per customer and the issuance of debit or credit cards linked to this account.
The Central Bank also mandated that all financial transactions related to real estate be conducted through electronic channels approved in the Kingdom, such as the Real Estate Registry platform, the Ejar platform, and the SADAD system, or through a licensed real estate broker, while ensuring that the customer’s digital identity is valid and that their information is continuously updated throughout the duration of the banking relationship.
With regard to legal entities, the Saudi Central Bank clarified that opening accounts is also subject to a set of regulations, including the submission of a certificate of registration for the entity within the Kingdom, the identity of the person authorized to manage the account, the address of the registered office, a Saudi contact number linked to the digital ID, along with the articles of incorporation or bylaws detailing the capital structure, the entity’s activities, and the names of the board members, as well as a contract or agreement with a licensed real estate broker or developer, if applicable.
